Zinc Dips 0.65 pct On Sluggish Buying Interest
Zinc prices fell by 0.65 per cent on Monday as speculators reduced positions in the midst of a weak trend globally. Besides, low demand in domestic spot markets fueled the downtrend. Zinc futures for May 2016 contract, at MCX, were trading at Rs 125.85 per kg, down by 0.65 per cent after opening at Rs. 126.40 against the previous closing price of Rs. 126.50. It touched the intra-day low of Rs.125.50 till the trading.
However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 325 metric tonnes to 390050 metric tonnes as on May 16, 2016.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
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